1st Circ. Nixes $301M Fraud Suit Against Real Estate Owners

Law360, New York (June 12, 2013, 10:57 PM EDT) -- The First Circuit on Wednesday tossed Boston Property Exchange Transfer Co.'s challenge of its defeat in a $301 million malpractice and contract suit against real estate owners who had been assigned its arbitration claims over securities losses against UBS AG brokerage unit PaineWebber Inc.

Retired U.S. Supreme Court Justice David H. Souter, sitting on a three-judge panel for the First Circuit, said the appeals court affirmed a lower court ruling granting summary judgment to the defendants. The panel ruled that BPE had not shown any evidence...
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